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BacTech Environmental Corporation(CNSX:BAC) announced the closing of the first tranche of its convertible debenture financing. The Company received $425,000 in subscriptions and they expect to close the second tranche some time in the next week.
As quoted in the press release:
Each unit consists of a $10,000 principal amount redeemable convertible debenture and 50,000 Series E common share purchase warrants. The debentures will bear interest at 12 per cent per annum payable quarterly. The term of the debenture is 2 years. BacTech has the option to redeem the debentures at par at any time beginning 120 days from issuance. At any time prior to maturity or redemption the debentures are convertible at the option of the holder into common shares at a conversion price of $0.20.
Click here to read the BacTech Environmental Corporation (CNSX:BAC) press release
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